AUDUSD Seeks to Break the 0.73150 Barrier Following the Latest Setback

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AUDUSD Price Analysis – January 20

AUDUSD seeks to surmount the 0.73150 as it recovers from its latest setback. The market can be seen to be zigzagging through an ascending channel, making consistently higher highs and higher lows. Price has made its first contact with the resistance level and has dropped to the lower border of the channel. The current rise from the lower border of the channel is expected to break the 0.73150 level.

AUDUSD Critical Levels

Resistance Levels: 0.73150, 0.74470, 0.75590
Support Levels: 0.72370, 0.71050, 0.69960

AUDUSD Long Term Trend: Bullish

A long-drawn consolidation that lasted from the beginning of 2021 till mid-2021 ended up in a 7% price drop. As soon as the price touched down at 0.71050, the market seeks recovery and cranked upward through a channel. However, at the third time of dropping to the lower border of the channel, the price unexpectedly slips through it and dropped further to the lower support at 0.69960.

Market buyers, however, aren’t giving in to depression as they seek immediate recovery. A “three-white-soldiers” candlestick pattern was used to ascend to the next price line. The market is rising further using another channel. Now, the price seeks to break the 0.73150 barrier. The Moving Average period 50 has dropped below the daily candles to provide support for the market. The Relative Strength Index now has its tip above the 50 mark.

AUDUSD Short Term Trend: Bullish

In the short term, the price has bounced off the lower border of the ascending channel and is now attempting to negotiate the first barrier moving forward, located at 0.72370. The odds are in favor of the bulls surmounting the major resistance at 0.73150. Once again, the MA period 50 is acting as support for the market as the RSI indicator is now in the bullish half of the chart.

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